THE CONDO BOOK PROJECT

High Line 23 Condominium

515 West 23rd Street, Manhattan, NY 10011

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Overview

Units
11 residential · 6 storage · 1 commercial
Subway
8 min walk to 23 St C E34 St-Hudson Yards 7, 11 min
Principals
Alf Naman
Offering price
$54.7 million total

The sponsor of record is 23 Highline LLC, represented by Smith, Gambrell & Russell, LLP. The offering plan runs 716 pages. The sponsor has filed 16 amendments, the latest in June 2013. The nearest other condo plan on file is 519 West 23rd Street Condominium, next door.

Plan CD070278 · New · accepted Sep 5, 2007 · AG record ↗

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FigureThis building1Pearline Soap Atelier213 units · 1.8 miaccepted 2007213 23rd312 units · 0.5 miaccepted 2004
Average Offering PricePer Apartment$4.97MHighest$3.26M$3.88M

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Unit mix, closings, budgets, finishes and the team, against Pearline Soap Atelier and 213 23rd, cited to the offering plans. No credit card required.

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How We Got This
  • Comps: the closest Manhattan plans on size, $/SF and launch date, within 2 miles when possible.
  • Figures: each building's own offering plan, filed with the NY Attorney General. Nothing is estimated.
  • Checked: a price list publishes only when its math adds up, and building pages cite the plan pages.
  • Labels: In line is between the comps; Below/Above peers is past both by up to 15%; Lowest/Highest by more.

Budget

From our research: The Sponsor's Condo-Creation Fee in NYC · NYC Condo Insurance Costs Are Rising · Condo Supplies Cost per Unit, by Size

Team

Sponsor
23 Highline LLC
Principals
Alf Naman
Tax estimate
Jerome Haims Realty, Inc.Prepared the first-year real estate tax projection
Construction lender
Bank Leumi$31 million loan stated in the plan

From our research: Do NYC Developers Rehire the Same Firms?

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